Gibraltar Industries, Inc. (Nasdaq: ROCK), a leading manufacturer and distributor of building products, today announced the expansion of the Company’s offerings through the purchase of three businesses in separate transactions, and provided a summary of its preliminary financial results for the fourth quarter and full year ended December 31, 2012.
Expanded Product Portfolio
Between November 14 and December 28, 2012, Gibraltar purchased the assets of three businesses in separate transactions. The acquired product lines complement and expand the Company’s product portfolio and customer base in three key U.S. markets:
- Sun protection products for new residential construction and home remodeling;
- Function-critical components for public infrastructure construction and maintenance; and
- Perforated metal products for industrial and automotive applications.
Gibraltar funded the aggregate investment of $41 million from existing cash on hand. The three product lines’ trailing 12-month revenues totaled approximately $55 million and adjusted EBITDA was approximately $7 million.
“The addition of these value-added product lines enables us to further strengthen Gibraltar’s position in the residential building and public infrastructure construction markets as well as in the industrial and automotive perforated metal markets,” said Gibraltar Chairman and Chief Executive Officer Brian Lipke. “It broadens our product category coverage and customer relationships, while also affording us the potential to leverage Gibraltar’s existing distribution channels to accelerate the growth of these currently regional businesses in new geographic markets across the country.”
“While we pursue these opportunities in sales, distribution and customer service, we also expect to integrate these product lines in a manner that results in meaningful cost synergies related to improved facilities utilization and other operating efficiencies,” said Gibraltar President and Chief Operating Officer Henning Kornbrekke.
Summary of Preliminary Financial Results
Gibraltar also provided a summary of preliminary financial results for its fourth quarter and full year ended December 31, 2012. Based on preliminary information and subject to the year-end accounting close and audit, the Company expects fourth quarter 2012 consolidated net sales to be between $171 million and $173 million, compared with $174 million in the fourth quarter 2011, and net sales for the year ended December 31, 2012 of between $788 million and $790 million, an approximate 3% increase from 2011.